Shanghai (Gasgoo)- GAC Group has recently announced a major agreement with its controlling shareholder, Guangzhou Automobile Industry Group Co., Ltd. (GAC Industry), regarding the sale of an 18.82% stake in Guangzhou Greater Bay Technology Co., Ltd. (GBT) for approximately 1.331 billion yuan. This strategic move marks a significant development within the automotive industry.
Photo credit: GAC Group
The agreement entails the transfer of GAC Group’s 15.82% stake in GBT to GAC Industry for approximately 1.118 billion yuan. Additionally, GAC Capital, a wholly-owned subsidiary of GAC Group, will transfer its 3% stake in GBT to GAC Industry for about 212 million yuan.
Following the completion of the transaction, GAC Group will no longer hold a direct equity stake in GBT but will retain an indirect 15.6% stake through GAC Capital. Under the terms of the agreement, GAC Capital will forfeit its right to nominate board members or influence the management of GBT. The remaining equity held through GAC Capital will be classified as a financial asset and valued at fair market value.
GBT, established in September 2020, represents GAC Group’s inaugural internally incubated high-tech enterprise operating under a mixed-ownership structure. The company specializes in the research and development, production, sales, and service of XFC (eXtreme Fast Charging) power batteries, a cutting-edge energy storage solution, and associated systems.
